Missing Funds - Transfer between Santander & NS&I

Thrugelmir

noh said:

Thrugelmir said:

noh said:

Raise a formal complaint with NS&I 
0800 092 1286

Debit card payments can also have their problems.
I made a £500 deposit via debit card.
The NS&I payment page said the transaction wasn't completed but it was debited from my bank account but didn't appear in the savings account. Calling the general enquiry number at NS&I did not result in any action.
It was only when I raised a formal complaint that the money was promptly returned with compensation for poor service.

Wasn't a debit card transaction, but a transfer with no reference on. Complaining isn't going to get anybody to the front of the queue. 

I know it wasn't a debit card payment that the OP had a problem with.
Raising a formal complaint in my experience does usually result in prompt action.

If everybody complains then nobody is any further forward though. Waste of time. When people employed there could be doing something productive. More so when the issue is self inflicted. 

Sensualblonde

lozzy1965 said:

Sensualblonde said:

Any advice will be appreciated.....

05/11/2021 I transferred £24,500 from my Santander instant saver account to NS&I Premium Bonds (an existing account). I made an error in that I did not reference my Premium Bond holders account.

I need this money back urgently - bills to pay:-(

Didn't reference your account at all or referenced an incorrect account number?

If it went to another account then Santander are correct and it has left them and gone to NSI.  Should be able to charge back to the account but might take a while.

I think the money will either have gone to NSI or bounced back, it wouldn't go to a holding account on either side I would have thought.  Maybe it just hasn't cleared yet (I'm not sure if clearing funds is a factor in money transfers that fail).

I'm a little puzzled as to why you transferred out to a Premium Bonds account if you have bills to pay with that money, but that's another story I guess. 

It doesn't take 2 months to clear and at that time I was unaware of these unexpected bills.

Sensualblonde

These comments are not helpful. I have made numerous transactions to and from NS&I without a problem.

I don't have a debit card for this account as it is a savings account. 

ColdIron

Maybe move it into your current account first and then use the debit card? That's what I do

DavidT67

Thoughts and prayers...

It took NS&I  three months to allocate monies from a correctly referenced transfer for one of my sons JISAs.  

So for an incorrectly referenced payment, who knows.  

Follow their complaints process and chase them by telephone regularly. 

Sensualblonde

DavidT67 said:

Thoughts and prayers...

It took NS&I  three months to allocate monies from a correctly referenced transfer for one of my sons JISAs.  

So for an incorrectly referenced payment, who knows.  

Follow their complaints process and chase them by telephone regularly. 

Hi, thanks for your constructive advice. I have started the complaints procedure.

Dianed

Sensualblonde said:

Any advice will be appreciated.....

05/11/2021 I transferred £24,500 from my Santander instant saver account to NS&I Premium Bonds (an existing account). I made an error in that I did not reference my Premium Bond holders account.

I have spent hours on the phone (yesterday over 3 hours) to Santander and NS&I both are adamant that they do no not have my money. 

Santander have provided a Faster Payment ID No. & date, time sent & date, and time NS&I received the money. I have provided this to NS&I but they are still adamant they do do not have my money.

Surely both banks have holding accounts for transfers that don't have a correct destination account and can search for this? They have both been provided with sender and recipient details, date and amount, etc.

Yesterday I escalated this to Santander's complaints team but was immediately informed they couldn't do anything but would escalate to their Specialist team and I would receive a response today. I guess there is 2 hours still to go.

I need this money back urgently - bills to pay:-(

Hi, did you get this money back now? The same thing has happened to me and Santander are investigating and trying to trace 🤞

masonic

Probably worthwhile using the debit card option after transferring funds to a current account. Issues with bank transfers seem to be an ongoing thing.

Thrugelmir

masonic said:

Probably worthwhile using the debit card option after transferring funds to a current account. Issues with bank transfers seem to be an ongoing thing.

Online using a debit card is a seamless transaction and will automatically be credited to the account. Bank transfers are old fashioned and administratively time consuming. Not that much resource will be allocated to the activity any longer. 

ranciduk

Yep I always make deposits to my Ns&i accounts via a debit card payment from a current account 

very quick and easy